Bitcoin reached an all-time high of $93,483 recently, experiencing significant price fluctuations. Traders are closely watching if BTC will stabilize or continue its upward trend. Selling pressure may increase due to speculative traders but is expected to be mitigated by institutional demand for Bitcoin ETFs.
With Bitcoin's price up 38% in the last ten days, strong demand supports bullish prospects. Trading above the $69,000 STH cost basis, Bitcoin shows solid demand. The MVRV ratio indicates profitability, but if it crosses 1.35, selling by speculators could occur, though institutional absorption is anticipated.
The current surge is driven by spot demand, hinting a more sustainable rise compared to futures. Key support for Bitcoin is at $85,000, necessary to challenge $90,000 resistance again. A failure could lead to deeper corrections with interest at $82,000. Market participants watch for breakout or pullback signals.
